IBC Reports Earnings
08 11월 2011 - 12:53AM
Business Wire
International Bancshares Corporation (NASDAQ: IBOC), one of the
largest independent bank holding companies in Texas, today reported
net income of $96.8 million for the nine months ended
September 30, 2011, compared to $99.6 million for the same
period of 2010, prior to amounts related to participation in the
TARP program, including preferred stock dividends and amounts
related to the Warrants. After the TARP program amounts, net income
for the nine months ended September 30, 2011 applicable to
common shareholders was $86.8 million, or $1.28
diluted earnings per common share and $1.28 basic earnings
per common share, as compared to $89.8 million or
$1.32 diluted earnings per common share and $1.32
basic earnings per common share for the same period of 2010,
representing a decrease of 3.0 percent in diluted earnings per
common share. Net income for the three months ended September 30,
2011 was $30.6 million, a decrease of 8.7 percent compared
to net income of $33.5 million for the same period of 2010,
prior to amounts related to participation in the TARP program,
including preferred stock dividends and amounts related to the
Warrants. After these amounts, net income for the third quarter of
2011 applicable to common shareholders was $27.3 million, or
$.40 diluted earnings per common share and $.41 basic
earnings per common share, as compared to $30.3 million or
$.45 diluted earnings per common share and $.45 basic
earnings per common share for the same period in 2010, representing
a decrease of 9.9 percent in net income and 11.1 percent in diluted
earnings per common share.
Net income during the first nine months of 2011 was positively
affected by a lower provision for probable loan losses of
approximately $7.8 million, $5.1 million after tax, compared to
approximately $15.5 million, $10.1 million, after tax, in the first
nine months of 2010. Net income for the first nine months of 2010
was negatively affected by a dispute related to certain tax matters
that were inherited by the Company in its 2004 acquisition of LFIN
in the amount of $21.8 million, $14.2 million, after tax. The
Company is currently appealing the judgment. Net income for the
nine months ended September 30, 2010 was positively affected by
gains on the sale of investment securities of $30.9 million, $20.1
million, after tax, to facilitate a re-positioning of the Company’s
investment portfolio.
“I’m pleased with the third quarter and year to date results,
especially in light of this difficult economic environment and all
the economic and regulatory challenges confronting the industry.
Even in the face of all these problems, IBC has continued to
produce solid earnings. We are confident in the strength of our
balance sheet and the quality of our loan portfolio. The Company
continues to seek out qualified borrowers and is actively lending
and financing. We are pleased that the economies of Texas and
Oklahoma continue to perform better than the national economy,”
said Dennis E. Nixon, President and CEO.
Total assets at September 30, 2011 were $11.6 billion
compared to $11.9 billion at December 31, 2010. Net
loans were $5.0 billion at September 30, 2011 compared to
$5.3 billion at December 31, 2010. Deposits were
$7.8 billion at September 30, 2011 and $7.6 billion
at December 31, 2010.
IBC is a multi-bank financial holding company headquartered in
Laredo, Texas, with 275 facilities and more than 440 ATMs serving
107 communities in Texas and Oklahoma.
“Safe Harbor” statement under the Private Securities Litigation
Reform Act of 1995: The statements contained in this release which
are not historical facts contain forward looking information with
respect to future developments or events, expectations, plans,
projections or future performance of IBC and its subsidiaries, the
occurrence of which involve certain risks and uncertainties,
including those detailed in IBC’s filings with the Securities and
Exchange Commission.
Copies of IBC’s SEC filings and Annual Report (as an exhibit to
the 10-K) may be downloaded from the SEC filings site located at
http://www.sec.gov/edgar.shtml.
International Bancshares (NASDAQ:IBOC)
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